Introduction

The world of blockchain and cryptocurrency is constantly evolving. Recent news from Ripple has sparked excitement among developers and investors alike, as the company announced two key developments aimed at enhancing programmability on the XRP Ledger (XRPL). Meanwhile, the question remains: are Layer 1 (L1) blockchain projects still relevant in today's market? In this comprehensive post, we'll delve into Ripple's latest initiatives and explore the current state of L1s.

Enhancing Programmability with XRPL

Ripple has introduced two significant developments to elevate the programmability capabilities of the XRP Ledger:

• Native Smart Contracts: The introduction of native smart contracts on the XRP Ledger Mainnet will enable developers to create more complex and robust applications.
• XRPL EVM Sidechain: This bridge between the XRP Ledger and Ethereum's Virtual Machine (EVM) allows for seamless transactions between the two networks, promoting broader interoperability.

These developments are complemented by the Axelar network, which facilitates cross-chain token transfers, further enhancing developer engagement and ecosystem growth.

The Future of Layer 1 Blockchain Projects

However, as we examine the current state of L1s, a different picture emerges. A recent article suggests that many L1 projects have failed to deliver on their promises.

Ethereum's Revenue Decline

Ethereum's Layer 1 revenue has plummeted by 99% since March 2024, with network fees hitting their highest levels for the year at $35.5 million.

• Layer 2 Solutions on the Rise: The proliferation of layer 2 solutions has created a crowded market, leading to centralization issues and decreased adoption rates for L1s.
• Competition from Meme Coins and NFTs: The rise of meme coins and NFTs has shifted investor attention away from traditional L1 projects.

Ton Coin Price Glitch: A Cautionary Tale

In a separate incident, the price of Ton coin suddenly dropped by 90% due to a glitch on Coinmarketcap. However, it was later revealed that this was not a real drop but rather a pricing error caused by a faulty API from a Russian source.

This incident highlights the importance of caution during market turmoil and advises the community to check legit sources before panicking about market fluctuations.

Conclusion

Ripple's efforts to enhance programmability on the XRP Ledger aim to foster a platform that advances in technology while empowering developers and businesses to create revolutionary applications. However, as we explore the current state of L1s, it becomes clear that these projects face significant challenges.

While some top-tier L1s may remain relevant, others are likely to fall by the wayside as the market continues to evolve.